According to @glassnode, Bitcoin’s 1-month 25-delta options skew has climbed to new highs, indicating strong demand for downside puts (source: @glassnode, chart link glassno.de/4n4eDR2). @glassnode notes this is not purely a bearish signal and often reflects institutional hedging activity rather than outright short positioning (source: @glassnode). @glassnode adds that with the rise of Bitcoin ETFs and DATs, institutions are gaining BTC exposure while using puts to manage downside risk (source: @glassnode).